South Carolina
South Carolina passed new legislation making numerous and
streamlining changes to its captive insurance law. Included in the
changes are: modified capital and surplus requirements, a new
definition of a captive's principal place of business, and new
oversight, reporting, and examination rules and requirements. (S.C.
H.B. 4675 eff. May 18, 2018).
Vermont
Last year Vermont passed House Bill 85, authorizing the
formation of agency captive insurers owned by insurance agencies,
among other changes. Effective March 8, 2018, Vermont enacted House
Bill 694, making various amendments to the captive insurance laws,
including standardizing the due dates for annual reporting and
premium taxes, designating the Commissioner of Financial Regulation
as the agent for service of process for branch captive insurers,
and further amending the governance standards for risk retention
groups. (VT H.B.
85 eff. May 1, 2017) & (VT H.B.
694 eff. March 8, 2018).
